Ang, J.

segment experience familiarity asset industry familiarity effect home-base non-familiar segments divestiture effect information value sample regression result home base table journal capital non-familiar home-base segments work experience *** firm years number -1/sale divestment control decision capital expenditures explanation longer-tenured ceos probability return market panel compensation business selection observation variable governance economic cash flows longer-tenured outside-industry work experience measure tenure home-base segment finance stulz coefficient investment board tobin manager evidence expenditure entrenchment level announcement study industry experience business segments paper walkling ratio section director panel b information asymmetry outside-industry schlingemann home-base effect capital markets compustat newly-hired ceos dummy inside-industry management